Hungry for market re-boot
Wangaratta’s Hungry Jack’s fast food outlet will be among a big line-up of properties to go under the hammer next week which will provide a pointer to a commercial property market rebound from COVID-19.
The restaurant will be offered for sale next Wednesday as part of the first Burgess Rawson portfolio auctions since the lockdown began.
The Wangaratta property will be one of two Hungry Jack’s businesses hoping to sell on the day.
It is located nearby a Coles and Kmart-anchored shopping centre and returns $109,738 annually.
Pre-sale expectations is the property with a renewed five-year lease and options to 2027 could fetch around $1.85 million.
The other Hungry Jack’s for sale is in Cairns and returns $248,432 per annum with 4 per cent annual rent increases.
Other properties to be auctioned at Crown Casino include a Caltex service station at Moama, childcare centre and government leased offices.
Burgess Rawson director Raoul Holderhead said the auction would provide a telling indication of the state of the commercial property market nationally.
“If someone had told us four weeks ago that we would have 17 properties of this calibre, we wouldn’t have believed it,” he said.
“Burgess Rawson’s auctions are always the market’s barometer, and never more so than this time around.”
Published in the Border Mail